S. Korea: Ten South Korean companies caused $119.6 billion in heatwave losses, with POSCO and KEPCO leading emissions, report finds

“POSCO, KEPCO among 10 polluters behind US$119.6bn in heatwave losses in South Korea: report”, 3 September 2025

Just 10 of South Korea’s largest companies are responsible for almost half of the country’s greenhouse gas emissions since 2011, resulting in an estimated US$119.6 billion in heatwave-related damages, according to new research by a climate advocacy group.

Steelmaker POSCO topped the list, followed by five subsidiaries of state-owned power utility Korea Electric Power Corporation (KEPCO). Other heavy emitters included conglomerates Hyundai Steel, Samsung Electronics, Ssangyong C&E and POSCO International, which is the trading arm of POSCO.

Eco-Business has reached out to all ten firms for comments, but has yet to hear back at the time of going to press.

… The findings, which come on the back of a record-breaking summer in South Korea, “[underscore] how a handful of state-backed utilities and industrial giants are driving the country’s climate footprint and its economic losses,” stated non-profit Solutions for Our Climate (SFOC) in the report’s press release.

…According to South Korea’s central bank, this summer’s heatwaves and heavy rains could drive up prices of consumer goods by 0.3 percentage points in the third quarter, with construction, agriculture, forestry and fisheries being the hardest hit sectors.

…“Because KEPCO and its subsidiaries are state-owned, their accountability is different,” stated SFOC in its release. “Emissions are ultimately borne by the public, and the company must act not only as a power supplier but also as a steward of climate-related financial risk.”